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| Strategic planning | The process of establishing an organization mission and formulating goals, corporate strategy, marketing objectives, marketing strategy, and marketing plan |
| marketing strategy | A strattegy for identifying and analyzing a target market and developing a marketing mix to meet the needs of that market |
| core corpetencies | Things a firm does extremely well, which sometimes give it an advantage over its competition |
| market opportunity | A combination of circumstances and timing that permits an organization to take action to reach a target market |
| strategic window | A temporary period of optimal fit between the key requirements of a market and a firm's capablities |
| competitive advantage | the result of a company's matching a core competency to opportunities in the marketplace |
| mission statement | a long-term view of what the organization wants to become |
| corporate strategy | a strategy that determines the means for utilizing resources in the various functional areas to reach the organization's goals |
| strategic business unit | a division, product line, or other profit center within a parent company |
| market | a group of individuals and/or organizations that have needs for products in a product class and have the ability, willingness, and authority to purchases those products |
| market share | the percentage of a market that actually buys a specific product from a particular company |
| market-growth | a strategic planning tool based on the philosophy that a product's market growth rate and market share are important in determining marketing strategy |
| intensive growth | growth occuring when current products and current markets have the potential for increasing sales |
| diversified growth | growth occuring when new products are developed to be sold in new markets |
| marketing planning | the process of assessing opportunities and resources, determining objectives, defining strategies, and establishing guidelines for implementation and control of the marketing program |
| swot analysis | assessment of an organization's strengths, weakness, opportunties, and threats |
| strengths | competitive advantages or core competencies that give a firm an advantage in meeting the needs of its target markets |
| weaknesses | any limitations a company faces in developing or implementing a marketing strategy |
| opportunities | favorable conditions in the environment that could produce rewards for an organization if acted on properly |
| threats | conditions or barriers that may prevent a firm from reaching its objectives |
| marketing objective | a statement of what is to be accomplished through marketing activities |
| sustainable competitive advantage | an advantage that the competition cannot copy |
| marketing plan | A written document that specifices the activities to be performed to implement and control and organization's marketing activities |
